Niestandardowa polityka pieniężna w krajach na średnim poziomie rozwoju - przykład Turcji
Unconventional monetary policy in the developing countries - the case of Turkey

Summary/Abstract: The aim of the paper is the presentation of unconventional measures taken by the Central Bank of Turkey. Two novel elements of the modified inflation targeting strategy are described: reserve option mechanism and interest rate corridor. Arguments for the new instruments as well as a few examples of their implementation in the conduct of monetary policy are presented. The article describes the difficulties concerning the implementation of the monetary policy with financial stability as an objective. Basic macroeconomic indicators of Turkey as well as the opinions of international institutions (mainly the International Monetary Fund) and economists concerning the Turkish economy and the implemented unconventional measures are presented.

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